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The effects of Seoul’s greenbelt on the spatial distribution of population and employment, and on the real estate market

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  • Myung-Jin Jun

Abstract

This paper examines the effects of Seoul’s greenbelt on the distribution of population and employment, and on the real estate market, under the assumption of the complete relaxation of the greenbelt using the random utility-based metropolitan input–output model with an endogenous land market for the Seoul metropolitan area. Simulation results show two important consequences of the greenbelt release. First, the greenbelt release would attract more residents and jobs into greenbelt zones and reduce the population and number of firms in both the central city and outer sides of the greenbelt, thereby implying the reduction of inner city densification and of development beyond the greenbelt. Second, both residential and nonresidential space rents would have declined for the whole metropolitan area from 0.4 to 13.7% had the greenbelt been completely released in 2006, thereby indicating that Seoul’s greenbelt made a contribution to raising space rents by limiting land supply. Copyright Springer-Verlag 2012

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  • Myung-Jin Jun, 2012. "The effects of Seoul’s greenbelt on the spatial distribution of population and employment, and on the real estate market," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 49(3), pages 619-642, December.
    • Handle: RePEc:spr:anresc:v:49:y:2012:i:3:p:619-642
    DOI: 10.1007/s00168-011-0461-5
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    References listed on IDEAS

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    1. Myung-Jin Jun, 2004. "A metropolitan input-output model: Multisectoral and multispatial relations of production, income formation, and consumption," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 38(1), pages 131-147, March.
    2. Anas, Alex & Rhee, Hyok-Joo, 2006. "Curbing excess sprawl with congestion tolls and urban boundaries," Regional Science and Urban Economics, Elsevier, vol. 36(4), pages 510-541, July.
    3. Zhao, Yong & Kockelman, Kara M., 2004. "The random-utility-based multiregional input-output model: solution existence and uniqueness," Transportation Research Part B: Methodological, Elsevier, vol. 38(9), pages 789-807, November.
    4. Chang‐Moo Lee & Peter Linneman, 1998. "Dynamics of the Greenbelt Amenity Effect on the Land Market—The Case of Seoul's Greenbelt," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(1), pages 107-129, March.
    5. J D Landis, 1994. "The California Urban Futures Model: A New Generation of Metropolitan Simulation Models," Environment and Planning B, , vol. 21(4), pages 399-420, August.
    6. Kim, Kyung-Hwan, 1993. "Housing Prices, Affordability, and Government Policy in Korea," The Journal of Real Estate Finance and Economics, Springer, vol. 6(1), pages 55-71, January.
    7. Myung-Jin Jun, 2005. "Forecasting Urban Land-Use Demand Using a Metropolitan Input-Output Model," Environment and Planning A, , vol. 37(7), pages 1311-1328, July.
    8. Son, Jae-Young & Kim, Kyung-Hwan, 1998. "Analysis of Urban Land Shortages: The Case of Korean Cities," Journal of Urban Economics, Elsevier, vol. 43(3), pages 362-384, May.
    9. Landis, John D., 1994. "The California Urban Futures Model: A New Generation of Metropolitan Simulation Models," University of California Transportation Center, Working Papers qt9pb6g3g6, University of California Transportation Center.
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    Cited by:

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    4. Sidong Zhao & Kaixu Zhao & Ping Zhang, 2021. "Spatial Inequality in China’s Housing Market and the Driving Mechanism," Land, MDPI, vol. 10(8), pages 1-33, August.

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    More about this item

    Keywords

    R12; R14; R15;
    All these keywords.

    JEL classification:

    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods

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